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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.

This Week’s Edition of KBR:

January Poll

In your opinion, is the new $931 enhancement to the federal Basic Personal Amount for those with incomes under $150,473 an improvement to our tax system?
Yes: 99 votes
No: 179 votes

Cast Your Vote

Taxing retroactively is legal

Imposing taxes retroactively seems contrary to a rational, moral approach to taxation, but it is legal.

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Taxpayer relief for 2002

Taxpayers and all tax registrants have until Dec. 31, 2012 to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year.

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“Break fees” taxable as income

If a company receives a “break fee” in a failed takeover attempt, that fee is income for tax purposes, not a capital gain or a non-taxable “windfall.”

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Competency-based hiring

If you are hiring, it is important that you hire the “right” person for the job and “competency models” can help you do that.

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Deadline in Ontario for retail sales tax rebates and refunds

If you qualify for a rebate or refund under Ontario’s Retail Sales Tax (RST) the deadline for applications is fast approaching.

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